(a) A credit union may not transact business or incur debt that is not incidental to its organization or to obtaining a subscription to or payment for its shares or deposits before it:
(1) has received paid-in shares or deposits of at least $1,000;
(2) has at least 100 members;
(3) has fulfilled all agreements and conditions related to approval of an application for incorporation and issuance of a certificate of incorporation; and
(4) has notified the department of its compliance with Subdivisions (1)-(3).
(b) The commission may adopt reasonable rules to:
(1) require greater minimum membership and paid-in shares or deposits; or
(2) prescribe additional requirements a credit union must meet before transacting business or incurring indebtedness.

(c) The commissioner may waive a requirement of this section or of a rule adopted under this section if the commissioner finds that the credit union:
(1) does not have supervisory problems that adversely affect its ability to operate properly; and
(2) is adequately capitalized.